CBN REVOKES OPERATING LICENSES OF ASO SAVINGS AND LOANS PLC AND UNION HOMES SAVINGS AND LOANS PLC. (PHOTO).

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 CBN Revokes Operating Licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc The Central Bank of Nigeria (CBN) has revoked the operational licenses of two primary mortgage banks, Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing multiple regulatory violations and financial distress. In a press release issued today, the CBN stated that the action was taken under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria. The move is part of broader efforts to reposition the mortgage sub-sector and enforce compliance with laws and regulations. The affected institutions were found to have breached various provisions, including: - Failure to meet the minimum paid-up share capital requirement for their license category. - Having insufficient assets to cover liabilities. - Being critically undercapitalized, with capital adequacy ratios below the CBN's prudent...
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REPS WITHDRAW BILL SEEKING JAIL TERM FOR THOSE REFUSING TO RECITE NEW NATIONAL ANTHEM. (PHOTO).

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Reps Withdraw Bill Seeking Jail Term For Those Refusing To Recite New National Anthem. 


 Speaker of the House of Representatives, Abbas Tajudeen has withdrawn the controversial Counter Subversion Bill which stipulates that any Nigerian who refuses to recite the national anthem shall be fined N5 million, face a 10-year prison sentence, or both.


 The withdrawal followed the outrage and opposition that trailed the provisions of the planned legislation which many have described as draconian and anti-democratic. The Bill, sponsored by Speaker Tajudeen Abbas, is set for its second reading, where its general principles will be debated. 


According to the proposed legislation, anyone who destroys a national symbol or a place of worship shall be liable to the same punishment. The Bill “stipulates that anyone found guilty of destroying national symbols, refusing to recite the national anthem and pledge, defacing a place of worship with intent to incite violence, or undermining the Federal Government shall face a fine of N5 million, a 10-year prison sentence, or both”. The Bill also “states that anyone who sets up an illegal roadblock, performs unauthorised traffic duties, imposes an illegal curfew, or organises an unlawful procession will be subject to a fine of N2 million, five years in prison, or both upon conviction”. Also, any person who “forcefully takes over any place of worship, town hall, school premises, public or private place, arena, or a similar place through duress, undue influence, subterfuge or other similar activities, commits an offence and is liable on conviction to a fine of N5 million or imprisonment for a term of 10 years or both”. “A person who professes loyalty, pledges or agrees to belong to an organisation that disregards the sovereignty of Nigeria, commits an offence and is liable on conviction to a fine of N3 million or imprisonment for a term of four years or both,” it also added among others.

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